Credit, Collections & Insolvency News
A survey of small businesses by Mazuma Accountants has found that 39% believed they would struggle to meet repayments of the Government’s Bounce Back Loan Scheme when they start this month. With repayments of the Government’s Bounce Back Loan Scheme (BBLS) scheduled to start this month, the poll found that almost 40 per cent of…
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Retail and hospitality leaders have urged the Government to tackle the £5 billion of rent debt owed to landlords ‘as a matter of urgency’ warning of widespread business failures without some form of resolution. Giving evidence to the House of Commons Treasury Committee UKHospitality CEO, Kate Nicholls has highlighted the need for further Government support…
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Business confidence in May hit its highest point since June 2014, driven by the rollout of the vaccine programme and further easing of lockdown restrictions according to BDO’s latest Optimism Index, which quizzes businesses to calculate optimism, The Index jumped from 99.85 in April to 109.71 the following month, above the long-term average of 100.…
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Nearly 1,200 businesses have closed every day in the past six months according to new research by DSA Connect. The company’s analysis of Government data shows 214,930 companies shut down in the six months to 31st March. The last three months of 2020 saw 103,785 firms go out of business and the number closing rose…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew by 80% in April 2021 compared with the same month in 2020. In the first four months of 2021, new business was 15% higher than in the same period in 2020. The…
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Over a quarter (26%) of businesses will not be fully data-driven for another four to five years, according to findings from the latest FinTech Barometer survey of finance professionals, carried out by Visma | Onguard. The company says that the research reflects a move to becoming data-driven being a long-term agenda item for many businesses,…
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In May the following administration notices have been issued and advertised in the London Gazette for the following companies: 51AEGON LTD AFIN TECHNOLOGIES LTD AW RETAIL LTD BSC HOLDINGS LTD COLLINS BUILDING SOLUTIONS LTD COMMERCIAL STREET HOTEL LTD CONNECT RECYCLING LTD CONSTRUCTION AND MANAGEMENT TRAINING LTD DAPATCHI PROPERTY CONCEPTS LTD DEVCO 2017 LTD ESSEX COUNTY…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in May: 100% INSPECTION LTD 4ZERO LTD A BLAIR LTD A NINETEEN PUB COMPANY LTD A.L.P.H.A. HOME IMPROVEMENTS PS LTD ABBEY MECHANICAL & ELECTRICAL SERVICES LTD ABSOLUTELY FLOORSOME LTD AC CASTLE STREET LTD ACCUMULATION LTD ACE…
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The annual Football Distress Survey, conducted by business recovery specialist Begbies Traynor since 2012, has revealed a deceptively rosy picture of football club health, skewed by a number of Covid-related factors that cloak an undercurrent of rising debt and financial issues, pushed onto next season and beyond. None of the clubs in the English Football…
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A report from the Federation of Small Businesses (FSB) and think-tank Ownership at Work suggests small firms that took out state-backed loans amid the pandemic should be allowed to convert the loan into shares for employees and write off the debt. The research figures show that around 1.5 million loans worth a combined £46.5 billion…
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The British Retail Consortium (BRC) has warned that the retail sector will endure a ‘tsunami of closures’ if the Government does not extend a moratorium on debt enforcement rolled out amid the pandemic. This comes after a poll found that two-thirds of retailers have been told by landlords they could face legal action once a…
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Optimism about the economy within the business sector has reached its highest level in five years, climbing five points to 37% in May. This marks the highest level recorded on the Lloyds Bank Business Barometer since 2016. Optimism around trading prospects also rose, climbing three percentage points to 28%, while 14% of firms expect to…
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Small business loan platform, Funding Circle and app-based bank, Atom have announced a lending partnership that will provide £300 million of new funding to small businesses. With £350 million already lent through the Funding Circle platform, this latest commitment brings Atom’s total lending with Funding Circle to £650 million. Atom says that it will harness…
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